Excellence Awards 2017 - Best Trade Bank in North America: Bank of America Merrill Lynch

Awards | 1 August 2017

North America

In a hotly contested award, Bank of America Merrill Lynch (BAML) has reclaimed the title of Best Trade Bank in North America. The theme for the bank this year has very much been one of moving ahead in the digitisation and cooperation space both in North America and globally.

The bank has been busy in digital technology in trade, working with HSBC and the Infocomm Development Authority of Singapore to process one of the first trade transactions on a blockchain platform in August 2016.

BAML has since teamed up with Microsoft to develop its own blockchain-based trade finance platform.

Along with the nine other banks, BAML also signed a letter of intent in May 2017 to join CCRManager's new digital platform, which allows users to distribute their trade finance, supply chain finance and working capital assets.

"We are committed to working with our clients to advance innovative technology to streamline and digitise trade," said Percy Batliwalla, head of global trade and supply chain finance in global transaction services at Bank of America Merrill Lynch.

"Our successful proof of concepts in blockchain, most notably transacting standby LCs in the Microsoft Cloud, underscore the true potential of blockchain to transform trade transacting for all parties. We look forward to continuing this work, partnering with our clients on solutions that allows them to more efficiently sell and source in the global market."

Runners up: Citi and HSBC (10 banks were nominated).

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